Fantom is trading near critical levels that could confirm a major price rally toward the $3.20 resistance.
The symmetrical triangle on the weekly chart suggests a decisive price breakout could happen in the coming weeks.
Fibonacci retracement levels show $1.71 and $2.27 as key zones before the potential rise to the $3.20 price point.
Fantom ($FTM) is retesting a symmetrical triangle pattern on its weekly chart, signaling a potentially price breakout. The token currently trades at $0.9871, nearing critical Fibonacci retracement levels that could determine its next move. A breakout could lead the price toward $3.20, a significant psychological and technical resistance zone.
The 0.786 Fibonacci retracement level at $1.7149 serves as the first resistance point. Additionally, a breach here may open the path toward $2.2738. Beyond this, the $2.7721 target emerges as the final milestone before the critical $3.20 resistance zone.
Source: Rose Premium
Fibonacci Levels Define Key Price Points
Fantom’s Fibonacci retracement levels offer clear guidance on potential price movements. The $1.7149 zone, derived from the 0.786 level, holds immediate significance. Besides, it aligns closely with historical trading activity, making it a pivotal checkpoint for bullish momentum.
The $2.2738 mark, corresponding to the 0.618 level, represents the next target. Consequently, this zone often witnesses substantial buying interest, further reinforcing its importance. A successful move beyond $2.27 could signify heightened optimism among traders and investors.
The final Fibonacci target, $2.7721, is a crucial point of interest. Moreover, this level stands just below the anticipated $3.20 resistance zone, a psychological threshold likely to attract widespread attention.
Symmetrical Triangle Breakout Holds Market Interest
The symmetrical triangle formation on Fantom’s weekly chart suggests a period of price compression and impending volatility. Such patterns often precede sharp price movements as market forces push toward a decisive direction.
Currently, Fantom is retesting this formation, with market participants closely watching its response. Significantly, a breakout above the triangle’s upper boundary may confirm bullish sentiment, leading to further upward momentum. However, failure to hold within the triangle could signal potential declines, necessitating close monitoring of support levels.
Moreover, this technical setup highlights the balance of market forces between buyers and sellers. Hence, the outcome of this retest could set the tone for Fantom’s trajectory in the weeks ahead.
Broader Market Implications
Fantom’s price movements reflect broader trends within the cryptocurrency market. Altcoins like Fantom often mirror Bitcoin’s dominance cycles, adding an external layer of influence. Besides, the growing adoption of Fantom within decentralized finance (DeFi) ecosystems continues to increase its market relevance.
Additionally, a successful breakout could attract heightened interest from institutional and retail investors alike. Consequently, this influx may generate increased buying pressure, pushing prices toward the $3.20 resistance zone. However, caution remains critical, as market volatility and external factors could still influence outcomes.
Fantom’s ongoing test of the symmetrical triangle pattern underscores the importance of technical analysis in assessing price trends. As traders await the next move, Fibonacci levels and broader market trends remain pivotal in shaping expectations.
